Financial Crime World

Albania Makes Progress in Fighting Terrorism Financing and Money Laundering

Albania Takes Significant Steps to Combat Terrorist Financing and Money Laundering

Tirana, Albania - The Albanian government has made substantial progress in implementing international standards to combat terrorism financing and money laundering. A recent report highlights the country’s efforts to criminalize terrorist financing, recover criminal assets, and strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) framework.

Key Developments

  • Albania has taken steps to criminalize the financing of individual terrorists, regardless of whether funds are provided or collected to support terrorist activities.
  • The country has amended its laws to cover specific actions required by international treaties, including the Financial Action Task Force (FATF) Convention.
  • Albania has enhanced its efforts to recover criminal assets, establishing a national registry of bank accounts and increasing the use of provisions in its criminal code to pursue early recovery of proceeds from crime.

Improved Measures

  • The country has revised its law to provide a clear legal basis for designating persons or entities suspected of supporting terrorism, as required by United Nations Security Council Resolution 1373.
  • Albania has provided guidance to the private sector and the public on their obligations to freeze funds and assets linked to designated individuals or entities.
  • The Financial Intelligence Unit (GDPML) in Albania has been expanded to request additional information from financial institutions, allowing it to better perform its functions.

Recommendations for Improvement

While Albania has made significant progress, there are still some shortcomings that need attention. The report recommends:

  • Providing a clear legal basis for designating persons or entities suspected of supporting terrorism
  • Enhancing the supervisory review of institutions for compliance with United Nations Security Council obligations
  • Conducting regular reviews to identify individuals or entities that should be designated domestically under United Nations Security Council Resolution 1373

Conclusion

By implementing these recommendations, Albania can further strengthen its efforts to combat terrorism financing and money laundering, and demonstrate its commitment to international cooperation and best practices. The country’s progress in this area is a positive step towards ensuring the safety and security of its citizens and contributing to global efforts to combat terrorism.